Payne will also focus on the continued evolution of market processes, the provision of oversight of the bureau services contracts through existing governance and the LMA’s professional management group on behalf of managing agents.

“He will be bringing with him years of experience and understanding of the market's operational and technology requirements and will play a key role in driving the market modernisation agenda,” said David Gittings, LMA chief executive.

Before joining LMA, Payne held several senior technology and operations positions within the market.

He most recently served as advisor at HK Mann, group IT director at Minova Insurance and Cooper Gay.

Payne also worked at Lloyd’s as senior business solutions manager and as head of operational change and deputy head of architecture at Kiln.

Since the referendum on 23 June 2016, there has been a lot of uncertainty in many sectors, but for the UK's insurance and long-term savings industry, the largest in the EU and third largest worldwide, the shockwaves are likely to be felt for some time